Hedge funds are showing they have some faith in OPEC. Their bets on rising West Texas Intermediate crude prices reached the highest since June 2014 as the Organization of Petroleum Exporting Countries and other producers reduce output to balance the market. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said over the weekend in Vienna as they gathered for the first meeting to monitor adherence to their output-cut accord. Funds increased their net-long position, or the difference between wagers on a price increase and bets on a decline, by 14 percent in the week ended Jan. 17, U.S. Commodity Futures Trading Commission data show. WTI advanced 3.3 percent to $52.48 a barrel in the report week. March futures lost 30 cents to $52.92 a barrel at 9:47 a.m. London time. […]